FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
Section six – Appendices Appendix 1 101 Appendix 1: Costs of regulatory authorities in other jurisdictions Table of indicators Most of the data in the following table were obtained directly from the regulatory agencies named there. In producing the table we were aware that: • figures do not all relate to the same accounting period and may not be compiled on the same basis; • labour and other costs vary between countries; • variations in exchange rates will affect results expressed in a single currency; • in some countries not all organisations involved in financial regulation have provided data; • the nature and extent of the responsibilities of the various regulatory agencies differ materially; and • the nature and scale of the financial services industries in different countries differs materially. We have included some figures that indicate the size of countries’ financial services sectors, but these can only be regarded as indicative. Because of the factors listed above, we caution against using the table to conclude that regulation in any individual country is more cost-efficient than regulation in any other country. It should also be noted that the direct costs of regulation incurred by the agencies in the table reflect just some of the total costs that regulation imposes upon the economies concerned. Where an agency has higher costs that reflect additional resources, it may be able to lower the other costs that regulation imposes. The figures shown in the table are all in sterling. Information on regulatory costs received in foreign currencies was translated into sterling at the rate ruling on 5 April 2007 (apart from those received from the Monetary Authority of Singapore, which were translated on 14 May 2007).
102 Section six – Appendices Appendix 1 Section six – Appendices Appendix 1 103 Area of responsibility France Germany Hong Kong Irish Republic (Note 4) Singapore (Note 11) UK USA Credit institutions – prudential supervision Commission Bancaire (CB): £38m, 593.2 staff Federal Financial Supervisory Authority (FFSA): £31m, 661 staff Hong Kong Monetary Authority (HKMA): £13m, 224 staff Irish Financial Services Regulatory Authority (IFSRA): £11m Monetary Authority of Singapore (MAS): £12m, 214 staff Financial Services Authority (FSA): £53m Federal Reserve (FED) £342m, 3,062 staff Federal Deposit Insurance Corporation (FDIC): £426m, 3,886 staff Office of the Comptroller of the Currency (OCC): £291m, 2,812 staff Insurance companies (life, pensions and non-life) – prudential supervision Autorite de Controle des Assurances et des Muttuelles (ACAM): £18-19m (2006) 184 staff (2006) FFSA: £18m, 382 staff Office of The Commissioner of Insurance (OCI): £6m, 93 staff IFSRA: £7m MAS: £4m, 65 staff FSA: £28m National Association of Insurance Commissioners (NAIC): £544mn, 11,478 staff Securities firms and fund management firms – prudential supervision FFSA: £27m, 566 staff Securities and Futures Commission (SFC): £10m, 143 staff IFSRA: £2m Singapore Exchange (SGX): £5m, 103 staff (Note 8) MAS: £6m, 112 staff (Note 12) FSA: £21m Securities and Exchange Commission (SEC): £447m, 3,788 staff Nat ional Association of Securities Dealers (NASD): £310m, 2,425 staff Commodity Futures Trading Commission (CFTC): £49m, 490 staff National Futures Association (NFA): £18m, 267 staff (Note 6) Supervision of and standards for exchanges / clearing and settlement systems / market service providers FFSA: Costs included above Bundesbank HKMA: £454,000, 6 staff (Note 1) SFC: £10m, 116 staff IFSRA: £203,000 SGX: Included in the above MAS: £699,000, 14 staff FSA: £4m NASD: Costs included above CFTC: Costs included above Supervision of, and standards of conduct on, capital markets (including transaction reporting but excluding exchange’s own rules) FFSA: Costs included above SFC: £5m, 56 staff SGX: Included in the above MAS: £2m, 28 staff FSA: £4m NASD: Costs included above CFTC: Costs included above Standards for / approval of listing of securities FFSA: Costs included above SGX: £1m, 31 staff (Notes 7 & 8) FSA: £13m CFTC: Costs included above Regulation of collective investment schemes / fund management FFSA: Costs included above IFRSA: £5m FSA: £24m CFTC: Costs included above Regulation of financial advice / advisers and of the selling / marketing of retail financial products (excluding occupational pension schemes ACAM: Costs included above FFSA: Costs included above IFRSA: £4m MAS: £899,000, 18 staff FSA: £82m Financial Ombudsman Service (FOS): £55m Financial Services Compensation Scheme (FSCS): £13m NASD: Costs included above CFTC: Costs included above Office of Thrift Supervision (OTS): £118m, 969 staff Regulation of Credit Unions FFSA: Costs included above IFRSA: £2m FSA: £1m National Credit Union Administration (NCUA): £72mm, 929.79 staff Regulation of the provision of mortgages FFSA: Costs included above IFRSA: Cost include above FSA: £17m Total costs of regulators £56-57m £76m (Note 3) £44m £32m (Note 5) £31m £312m £2,617m Total staff in regulatory agencies 777.20 1,609 638 350 585 Total staff for FSA: 2,659 FOS: 1,000 FSCS: 108 30,106.79 Total banking assets £4,845bn (2006) HKMA: £538bn £797bn £478bn £6,009bn (Note 10) Total equity market capitalisation £841bn (2006) £850bn £81bn £158bn – provided by MAS only (Note 13) £9tr (Note 2) Total insurance premiums £181bn (2005) £114bn (End of Yr 2005 excluding re-insurance) £10bn £21bn £6bn – provided by MAS only £671bn
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102<br />
Section six – Appendices<br />
Appendix 1<br />
Section six – Appendices<br />
Appendix 1<br />
103<br />
Area of responsibility<br />
France<br />
Germany<br />
Hong Kong<br />
Irish Republic (Note 4)<br />
Singapore (Note 11)<br />
UK<br />
USA<br />
Credit institutions –<br />
prudential supervision<br />
Commission Bancaire (CB):<br />
£38m, 593.2 staff<br />
Federal Financial Supervisory Authority<br />
(F<strong>FSA</strong>): £31m, 661 staff<br />
Hong Kong Monetary Authority<br />
(HKMA): £13m, 224 staff<br />
Irish Financial Services<br />
Regulatory Authority<br />
(IFSRA): £11m<br />
Monetary Authority of Singapore<br />
(MAS): £12m, 214 staff<br />
Financial Services Authority (<strong>FSA</strong>):<br />
£53m<br />
Federal Reserve (FED) £342m, 3,062 staff<br />
Federal Deposit Insurance Corporation (FDIC):<br />
£426m, 3,886 staff<br />
Office of the Comptroller of the Currency (OCC):<br />
£291m, 2,812 staff<br />
Insurance companies<br />
(life, pensions and non-life) –<br />
prudential supervision<br />
Autorite de Controle des Assurances<br />
et des Muttuelles (ACAM):<br />
£18-19m (<strong>2006</strong>) 184 staff (<strong>2006</strong>)<br />
F<strong>FSA</strong>: £18m, 382 staff<br />
Office of The Commissioner of<br />
Insurance (OCI): £6m, 93 staff<br />
IFSRA: £7m<br />
MAS: £4m, 65 staff<br />
<strong>FSA</strong>: £28m<br />
National Association of Insurance Commissioners<br />
(NAIC): £544mn, 11,478 staff<br />
Securities firms and fund<br />
management firms –<br />
prudential supervision<br />
F<strong>FSA</strong>: £27m, 566 staff<br />
Securities and Futures Commission<br />
(SFC): £10m, 143 staff<br />
IFSRA: £2m<br />
Singapore Exchange (SGX): £5m,<br />
103 staff (Note 8)<br />
MAS: £6m, 112 staff (Note 12)<br />
<strong>FSA</strong>: £21m<br />
Securities and Exchange Commission (SEC):<br />
£447m, 3,788 staff<br />
Nat ional Association of Securities Dealers (NASD):<br />
£310m, 2,425 staff<br />
Commodity Futures Trading Commission (CFTC):<br />
£49m, 490 staff<br />
National Futures Association (NFA): £18m,<br />
267 staff (Note 6)<br />
Supervision of and standards for<br />
exchanges / clearing and settlement<br />
systems / market service providers<br />
F<strong>FSA</strong>: Costs included above<br />
Bundesbank<br />
HKMA: £454,000, 6 staff (Note 1)<br />
SFC: £10m, 116 staff<br />
IFSRA: £203,000<br />
SGX: Included in the above<br />
MAS: £699,000, 14 staff<br />
<strong>FSA</strong>: £4m<br />
NASD: Costs included above<br />
CFTC: Costs included above<br />
Supervision of, and standards<br />
of conduct on, capital markets<br />
(including transaction reporting<br />
but excluding exchange’s own rules)<br />
F<strong>FSA</strong>: Costs included above<br />
SFC: £5m, 56 staff<br />
SGX: Included in the above<br />
MAS: £2m, 28 staff<br />
<strong>FSA</strong>: £4m<br />
NASD: Costs included above<br />
CFTC: Costs included above<br />
Standards for / approval of listing<br />
of securities<br />
F<strong>FSA</strong>: Costs included above<br />
SGX: £1m, 31 staff (Notes 7 & 8)<br />
<strong>FSA</strong>: £13m<br />
CFTC: Costs included above<br />
<strong>Regulation</strong> of collective investment<br />
schemes / fund management<br />
F<strong>FSA</strong>: Costs included above<br />
IFRSA: £5m<br />
<strong>FSA</strong>: £24m<br />
CFTC: Costs included above<br />
<strong>Regulation</strong> of financial advice /<br />
advisers and of the selling /<br />
marketing of retail financial<br />
products (excluding occupational<br />
pension schemes<br />
ACAM: Costs included above<br />
F<strong>FSA</strong>: Costs included above<br />
IFRSA: £4m<br />
MAS: £899,000, 18 staff<br />
<strong>FSA</strong>: £82m<br />
Financial Ombudsman Service<br />
(FOS): £55m<br />
Financial Services Compensation<br />
Scheme (FSCS): £13m<br />
NASD: Costs included above<br />
CFTC: Costs included above<br />
Office of Thrift Supervision (OTS): £118m,<br />
969 staff<br />
<strong>Regulation</strong> of Credit Unions<br />
F<strong>FSA</strong>: Costs included above<br />
IFRSA: £2m<br />
<strong>FSA</strong>: £1m<br />
National Credit Union Administration (NCUA):<br />
£72mm, 929.79 staff<br />
<strong>Regulation</strong> of the provision of<br />
mortgages<br />
F<strong>FSA</strong>: Costs included above<br />
IFRSA: Cost include above<br />
<strong>FSA</strong>: £17m<br />
Total costs of regulators<br />
£56-57m<br />
£76m (Note 3)<br />
£44m<br />
£32m (Note 5)<br />
£31m<br />
£312m<br />
£2,617m<br />
Total staff in regulatory agencies<br />
777.20<br />
1,609<br />
638<br />
350<br />
585<br />
Total staff for <strong>FSA</strong>: 2,659<br />
FOS: 1,000 FSCS: 108<br />
30,106.79<br />
Total banking assets<br />
£4,845bn (<strong>2006</strong>)<br />
HKMA: £538bn<br />
£797bn<br />
£478bn<br />
£6,009bn (Note 10)<br />
Total equity market capitalisation<br />
£841bn (<strong>2006</strong>)<br />
£850bn<br />
£81bn<br />
£158bn – provided by MAS only<br />
(Note 13)<br />
£9tr (Note 2)<br />
Total insurance premiums<br />
£181bn (2005)<br />
£114bn (End of Yr 2005<br />
excluding re-insurance)<br />
£10bn<br />
£21bn<br />
£6bn – provided by MAS only<br />
£671bn
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